The Victorian state government has scrapped a controversial $800 million (US$580 million) tax scheme to build social housing over fears that a “mischievous” scare campaign on housing affordability would do damage in this November’s state election. The Victorian government on Feb. 18 announced the introduction of a 1.75 percent housing levy on all new developments…
Victorian Government Shelves Housing Tax Over Fears of a Scare Campaign
Australia Will Be Short 160,000 Houses in the Next Decade
Australia may experience a housing shortfall of over 160,000 dwellings in the next decade, according to new modelling by an independent commonwealth housing entity. On Friday, the National Housing Finance and Investment Corporation (NHFIC) published its flagship research report, “State of the Nation’s Housing 2021-22,” providing critical housing data and projections. NHFIC CEO Nathan Dal…
Australian Rental Vacancies Reach 16-year Low as Market Heats up
February 15, 2022
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The residential rental vacancy rate across Australia has fallen to a 16-year low as the country looks forward to the reopening of its international borders for tourists after two years of isolation. SQM Research revealed rental vacancy rates fell sharply to 1.3 percent in January, a drop of 0.3 percent from December and 0.7 percent…
Construction to Resume in Sydney and New South Wales Regardless of Vaccination Status
September 21, 2021
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The New South Wales (NSW) construction industry will return to full capacity from next Monday, Sept. 27, as vaccination rates climb. All construction sites will open at a total capacity of one person per four square metres, regardless of workers’ vaccination status. However, workers from the 12 local government areas (LGA) of concern will still…
Labor to Back Coalition Tax Cuts and Negative Gearing Policies
July 27, 2021
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The Australian federal opposition party decided on Monday to drop its previous stance and deliver the same legislated tax cuts as the Coalition after six years of opposition, or two election cycles, to the policies. “The Shadow Cabinet and Caucus have today confirmed that Labor in government would uphold the legislated changes to personal income…
South Australia Gives Green Light to Allow Partial Opening of Construction
July 22, 2021
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The South Australian (SA) government has allowed a partial re-opening of construction sites from next Monday after its snap seven-day lockdown began two days ago. SA Premier Steven Marshall’s office sent an email to business and industry leaders indicated that projects which aim to provide essential services will be able to resume progress on Monday….
Industry Groups Praise New COVID Plan but Disappointed in Arrivals Cap
July 2, 2021
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Industry groups are welcoming the Australian government’s new four-step COVID plan that is based around vaccination numbers but call the reduction on international arrival caps “one step backwards.” Australian Industry Group (Ai Group) welcomed the new plan but recommended that the “post-vaccination phase” be reached when all those who can and want to receive shots are…
Developers Threaten to Stop Building Over New Victorian Land Taxes
May 18, 2021
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A major Melbourne-based property developer is warning it will stop looking for new construction opportunities until the Victorian government releases the details of its plans to raise land and property taxes for the ninth time. Sam Tarascio, managing director at one of Australia’s largest developers, Salta Properties, told The Australian that the company would put the…
Victoria to Become the ‘Most Highly Taxed’ State in Australia: Property Council
The Victorian state government is planning to hit homeowners, homebuyers, and investors with additional taxes to tackle its debt in the 2021-22 state budget. The Andrews Labor government said the budget would protect the state’s revenue base with $2.7 billion in austerity measures and a $3.6 billion program to reprioritise government spending. These measures involve…
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